Monday’s $150 million settlement between Bank of America and the Securities & Exchange Commission was “stunning” and will haunt the bank for years to come, according to one industry analyst.
Monday, Judge Jed S. Rakoff from the U.S. District Court for the Southern District of New York “reluctantly approved” the $150 million settlement between the bank and the SEC regarding the bank’s disclosures of financial losses at Merrill Lynch prior to the acquisition of the brokerage firm. Rakoff did not think the settlement truly addressed the issues of fairness and public interest, but he said that both sides had reminded him that the law specifies that the SEC be given “substantial deference” as a regulatory body.
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